Adjustment and Growth in the European Monetary Union PDF Download
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Author: Francisco Torres
Publisher: Cambridge University Press
ISBN: 052144019X
Category : Business & Economics
Languages : en
Pages : 406
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Book Description
The Maastricht Treaty, signed in December 1991, set a timetable for the European Community's economic and monetary union (EMU) and clearly defined the institutional policy changes necessary for its achievement. Subsequent developments have demonstrated, however, the importance of many key issues in the transition to EMU that were largely neglected at the time. This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January 1992. In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe. They also consider the prospects for inflation and fiscal convergence, regional policy and the integration of financial markets and fiscal systems. Attention focuses on adjustment mechanisms with differentiated shocks, region-specific business cycles and excessive industrial concentration and the cases for a two-speed EMU and fiscal federalism.
Author: Francisco Torres
Publisher: Cambridge University Press
ISBN: 052144019X
Category : Business & Economics
Languages : en
Pages : 406
Get Book Here
Book Description
The Maastricht Treaty, signed in December 1991, set a timetable for the European Community's economic and monetary union (EMU) and clearly defined the institutional policy changes necessary for its achievement. Subsequent developments have demonstrated, however, the importance of many key issues in the transition to EMU that were largely neglected at the time. This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January 1992. In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe. They also consider the prospects for inflation and fiscal convergence, regional policy and the integration of financial markets and fiscal systems. Attention focuses on adjustment mechanisms with differentiated shocks, region-specific business cycles and excessive industrial concentration and the cases for a two-speed EMU and fiscal federalism.
Author: Peter B. Kenen
Publisher: Cambridge University Press
ISBN: 1139466038
Category : Business & Economics
Languages : en
Pages : 199
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Book Description
This book surveys the prospects for regional monetary integration in various parts of the world. Beginning with a brief review of the theory of optimal currency areas, it goes on to examine the structure and functioning of the European Monetary Union, then turns to the prospects for monetary integration elsewhere in the world - North America, South America, and East Asia. Such cooperation may take the form of full-fledged monetary unions or looser forms of monetary cooperation. The book emphasizes the economic and institutional requirements for successful monetary integration, including the need for a single central bank in the case of a full-fledged monetary union, and the corresponding need for multinational institutions to safeguard its independence and assure its accountability. The book concludes with a chapter on the implications of monetary integration for the United States and the US dollar.
Author: Kenneth H. F. Dyson
Publisher: Longman Publishing Group
ISBN:
Category : Business & Economics
Languages : en
Pages : 392
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Book Description
This study is concerned with the policy process by which the movement towards closer monetary integration, and the still very uncertain objective of EMU, has been shaped and guided. It asks how this process might be described, and how its emergence and development be can explained.
Author: Francisco Torres
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 388
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Book Description
Author: Mr.Jeffrey R. Franks
Publisher: International Monetary Fund
ISBN: 1484338499
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
Author: Michael Emerson
Publisher:
ISBN: 9780198773245
Category : Business & Economics
Languages : en
Pages : 356
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Book Description
The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.
Author: Peter B. Kenen
Publisher: Cambridge University Press
ISBN: 9780521558839
Category : Business & Economics
Languages : en
Pages : 234
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Book Description
1.The origins of EMU -- 2.The design of EMU -- 3.Monetary policy in Stage Three -- 4.Fiscal policy and EMU -- 5.EMU and the outside world -- 6.The transition to EMU -- 7.Reconsidering the transition -- 8.Getting on with EMU.
Author: Markus K. Brunnermeier
Publisher: Princeton University Press
ISBN: 0691178410
Category : Business & Economics
Languages : en
Pages : 456
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Book Description
How philosophical differences between Eurozone nations led to the Euro crisis—and where to go from here Why is Europe’s great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe’s survival. Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe’s future.
Author: Warner Max Corden
Publisher: Princeton, N.J. : International Finance Section, Princeton University
ISBN:
Category : Business & Economics
Languages : en
Pages : 58
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Book Description
Author: Michele Chang
Publisher: Bloomsbury Publishing
ISBN: 1137342951
Category : Political Science
Languages : en
Pages : 287
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Book Description
This accessible introductory text provides a comprehensive and accessible account of the evolution of the Eurozone, from its beginnings in fixed exchange rate systems through to the aftermath of the sovereign debt crisis. It examines why the EMU was created, what went wrong to bring about the global financial crisis, and why countries were affected so differently. It assesses the impact of monetary union both in Europe and beyond and evaluates the prospects for the Euro as an international currency. Recognising that political union has long been seen as part of monetary integration, and that Eurozone membership often impacts domestic policy, Chang widens the scope of her evaluation to include consider effects and developments that are not purely economic in scope. Using theories drawn from economics and political science, this book provides students with an up-to-date analysis of the recent reforms undertaken, grounded in a long-term perspective of the trajectory of European integration. As well as suiting upper-level undergraduate and Master's courses on European Monetary Union, this text is beneficial for students of Politics, International Relations and European Studies on more general courses to foster an understanding of the impact of the EMU on the wider functioning of the EU. The text is filled with figures, maps, timelines and other pedagogical features to ensure this topic accessible to students of all levels.
